Recent Transactions
$1.2mm bridge financing on land owed by the pension subsidiaries of two NYSE listed industrial companies.
Challenging issues included:
- Trustor (pension) unable to guaranty obligations of borrower
- ERISA fiduciary concerns
- Challenging financing climate for undeveloped land as collateral
$1.3mm subordinate credit facility on a portfolio of apartments in Oakland, Ca.
Challenging issues included:
- Two week time frame from origination to funding
- Loan guaranty unavailable
Advisory Transactions
Sentinel advised a top-20 hedge fund on the acquisition within bankruptcy of an $800mm portfolio of real estate development loans and servicing rights.
Challenging issues included:
Complex real property collateral in various stages of development
Complex servicing rights; Default rate near 100%; Obligations to beneficiaries not uniform and often at odds with interests of servicer
Complex bankruptcy placing many cumbersome constraints on the potential acquirer’s bid
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